Market Loan
"Empowering market vendors with accessible financial support. This loan offers up to 100 Lakhs for stall owners with a competitive 14% interest rate, featuring a convenient 12-month repayment plan and a joint-guarantee group system."
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Product Information
Required Documents for Market Loans
- Ownership booklet for the market stall.
- Photograph of the market stall.
- Tax payment receipt from the Development Committee.
- Copy of Household List and National Registration Card (NRC).
- Recommendation letter from the Zay Cho Market Service Team confirming ownership.
Loan Terms and Conditions
- Loan Method: Loans are issued in groups of three individuals using a mutual guarantee system (Joint Liability Group).
- Consequences of Default: If any group member fails to repay, the entire group will be disqualified from future loans.
- Insurance: Fire insurance for the stall is mandatory.
- Interest Rate: 14% per annum, collected monthly.
- Repayment Duration: The loan must be fully cleared within one year.
- Repayment Schedule: Both principal and interest must be paid monthly between the 1st and 5th of each month.
- Late Fees: A fine of 20,000/- MMK is charged for each month payment is overdue.
- Application Fee: 5,000/- MMK for the application form and documentation.·
Repayment Calculation Example
Total Amount (Principal + Interest): 100 Lakhs + 14 Lakhs = 114 Lakhs
Monthly Installment: 114 Lakhs / 12 months = 950,000/- MMK per month.
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